Penalized Or Dance?

I have this website that was ranking on the first page.After I ordered a link pyramid the site when to pos 700+ and sometimes it disappear all together.I left the site alone for a few weeks while only adding 1 new post.Then I tried to do social bookmarking and then it returned to the original serp for a few days before disappearing again.Now as it is, my post/pages are ranking in 700 position and my main domain is no where to be seen. And during the latest PR update my site which is 6 months old when from PR 0- PR4. I also removed my site from g webmaster tool although im not sure that played any part.

Is this a dance or am I being penalized?
What kind of backlinks should I get?Diversify?
Should I add new content? If so how often? Problem is my site is a product review site and writing new content is quite difficult

This really pisses me off as this is one of my most profitable sites. Any one has good strategy that you have implemented in similar situation as mine?

This is part of the SEO game, I've had many sites go through this before. There are a few ways to get your rankings back sooner.

1. Build more backlinks!

Don't stop now, make sure that you keep building backlinks to your site. This includes deep linking your internal pages and diversifying the anchor text to your website. Far too often people only use one or two keywords for ALL of their linkbuilding. Nothing yells artificial than that. Use your URLs for keywords, use different keywords for the same page, and internal link to help add more diversity.

2. Build content

Keep building solid content and Google will grace you with your rankings back. Its hard to keep a site that regularly updates content down in the SERPs.

3. High PageRank links

Try and get high PageRank links. These are the type of links that bump your site up the most and help keep it from bouncing around. As you know, its easy to get crappy low PageRank Web 2.0 sites, but harder to find the cream of the crop, high PageRank links.

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